Interest in agent banking continues to soar across emerging markets. Financial institutions see this as a way to grow and serve their customer base cost-effectively beyond the coverage offered by bank branches.
The Government of India and the Reserve Bank of India have taken several initiatives to enhance financial inclusion over the years. Business correspondents (BCs) play a vital role in this endeavour. Agent banking involves contracting established businesses to offer financial services to the banked, under-banked, and unbanked population on behalf of a financial institution. They need to receive a suitable level of knowledge to become more effective. In 2018, The Reserve Bank of India mandated all agents to pass the Indian Institute of Banking and Finance (IIBF) BC/BF examination. This certification permits agents to serve products, such as insurance and loans. The examination tests BC agents on the basics of banking, cash flow, and agri-based credit products, among other areas.
This course is available on our learning management system (LMS). We create prerequisites to ensure that the learner undergoes all assigned modules. They cannot clear the course until they complete all the course requirements. Our LMS offers a discussion forum for learners to discuss with their fellow learners. This course also includes practice questions and a glossary to help agents gain clarity and support to help clear the exam. The end of each module offers learners a quiz to track their progress.
Why this training?
Approximately 100,000 agents attempt the IIBF BC/BF exams annually—many of them fail. In 2019-20 and 2020-21, out of the 97,169 agents that gave the exam, around 32,949 (34%) failed the exam, even after several attempts.
We used an agent-centric process to develop easy-to-use training content to design this course. The content encapsulates the IIBF BC/BF course syllabus in the form of videos. This self-paced training course has increased the percentage of agents who cleared the examination. Based on our intervention with two service providers, we reduced the failure rate by 20%, resulting in 86% of agents passing the exam.
By taking this course, learners can understand:
The roles and functions of banks;
Basics of banking operations and procedures;
The role and function of BC or BFs;
Financial advising and counseling; and
Flagship financial products like Prime Minister Jan Dhan Yojana scheme (PMJDY) and Atal Pension Yojana (APY)
Who should attend?
This course is designed for those business correspondents who will appear for the IIBF examination or seek to start their journey as a BC to bridge the gap in financial inclusion in India.